How to Survive in the Pharmaceutical Industry
With the introduction of new medicines, a growing market and ever-changing regulations, the pharmaceutical industry continues to evolve at a rapid pace. No matter the size of a company, they will encounter enormous challenges, and one solution to those challenges is clinical outsourcing.
Over the last 20 years, there has been a rise in contract research organisations (CROs) responsible for running various aspects of clinical trials. The key draw of outsourcing clinical trials is that CROs can make the process cheaper and more efficient. CROs have saved time by improving the data shared by pharmaceutical companies to make the approval process faster. There are also a number of international CROs with the specific knowledge and experience of the region in which the trial is taking place, which can help sponsors navigate complex regulations.
For smaller pharmaceutical companies, they are often under immense financial pressure when having to answer to private investors. Their stability depends on the success of their trials, and outsourcing is often the only way to get a drug developed. They would need enough Venture Capitalist funding to pay a CRO to put a drug through one stage of clinical research. If the results of that research are promising, they can return to their backers for additional funding for the next stage of trials. In terms of CROs, smaller companies are looking to choose between adopting a full-service outsourcing model or turning to specialist niche CROs. They will be asking themselves who are the cheapest, the easiest to control and the most experienced.
In the case of the larger pharmaceutical companies, outsourcing represents a solution to the resourcing problem created by developing new drugs. With the amount of trials required, larger companies would either have to maintain an enormous global clinical staff or hire them temporarily. This approach is expensive if clinical staff are inactive between projects, and wasteful if employees handover their knowledge to new staff between trial phases. By using permanently retained resourceful CROs, pharma companies get access to the resources and expertise they need, and can pay for them as a service. Big pharma companies stand to benefit hugely from outsourcing some or all of the clinical trial process through cost savings and increased efficiency. Nearly two-thirds of all R&D budgets are spent on CROs, with the aim of speeding the time to market.
Would you like to find out more tips on surviving the pharmaceutical industry? This September, the Outsourcing in Clinical Trials Southern California 2018 conference will address the solutions to maintaining a profitable pharmaceutical company. For more information, please visit http://www.arena-international.com/octsocal/ or alternatively email us at: firstname.lastname@example.org
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